What home improvements should you consider?
If you want to work your way up the property ladder to your dream home, you need to know how to boost the value of where you live now. So what renovations or extensions will add value to your property?
There is no one-size-fits-all answer to this question. The amount of value that a particular renovation or extension will add to your property will depend on a number of factors, including the location of your property, the current condition of your property, and the specific nature of the renovation or extension itself.
However, there are some general areas to consider to help boost your home’s value.
1. Focus on improving key future selling points
When carrying out renovations or extensions, it is important to focus on those areas of your property that are most likely to appeal to future prospective buyers. For example, if your property is located in an area with good schools, then investing in a home office or extra bedroom could make it more attractive to families with children. Similarly, if your property is located in a popular tourist destination, then adding features that would appeal to holidaymakers, such as a swimming pool or a self-contained annexe, could help to increase its value.
2. Don’t over-improve for the neighbourhood
Avoid carrying out renovations or extensions that would result in your property becoming significantly more valuable than those of your neighbours. This is because potential buyers are likely to be put off by the idea of living in a property that is much more expensive than those around it, and this could lead to your property taking longer to sell, or selling for less than you had hoped.
3. Get expert professional advice
When planning any major renovations or extensions, it is always a good idea to seek professional advice from an experienced architect or surveyor. They will be able to advise you on the best way to maximise the value of your property, taking into account its specific location and condition.
4. Use high-quality materials
Using high-quality materials for your renovation or extension project will not only make your property more attractive to prospective buyers, but it will also add to its long-term value. This is because properties built with inferior materials are more likely to experience problems such as dampness and structural defects, which can reduce their value and make them difficult to sell.
5. Add extra living space
Adding extra living space to your property is a proven way to add value, as it gives prospective buyers more options in terms of how they could use the property. For example, an extra bedroom could be used as a nursery, guest room or home office, while an extension to the kitchen or living room could create additional dining or relaxing space.
6. Improve energy efficiency
Making your property more energy efficient is another great way to add value, as it will make it more attractive to environmentally-conscious buyers and could help to reduce running costs. There are a number of ways to improve the energy efficiency of your property, including installing double-glazed windows, insulating walls and ceilings, and fitting low-energy lighting.
7. Create more outdoor space
If your property doesn’t have much outdoor space, then creating additional garden or patio area can be an effective way to add value. This is because buyers are often attracted to properties that offer the potential for outdoor living, and extra outside space can also be used to create additional parking or storage space.
8. Make cosmetic improvements
Making cosmetic improvements to your property, such as redecorating, refitting the kitchen or bathroom, or landscaping the garden, can also help to add value and make your property more attractive to prospective buyers and easier to sell.
9. Obtain planning permission before starting work
If you are planning to carry out any major renovations or extensions, you’ll need to obtain planning permission from your local authority before starting work.
10. Hire a professional contractor
When carrying out any major renovations or extensions, it is always best to hire a professional contractor to carry out the work. This is because they will have the experience and expertise necessary to ensure that the work is carried out to a high standard and that your property is not damaged during the process.
Ready to apply for a remortgage?
People generally remortgage when their current mortgage deal ends to save money, but you may want to remortgage to fund improving your home, which could add thousands to its value. To find out more about your options – speak to The Surrey Mortgage Broker – telephone 01252 759233 – email richard@thesurreymortgagebroker.co.uk